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TD Bank has around 1,100 branches and 2,600 ATMs along the East Coast.
TD Bank; Insider
The bottom line: TD Bank (Member FDIC) has two savings accounts: TD Signature Savings and TD Simple Savings Account. The better account for you depends on how much money you plan to keep there. While TD Bank pays slightly higher rates than most brick-and-mortar banks, you can find much better rates with online banks.
Compare savings accounts
TD Standard savings rates
At the very minimum, you’ll earn the following standard savings rates with TD Signature Savings:
BalanceStandard APY$0.01 to $9,999.990.01%$10,000 to $24,999.990.05%$25,000 to $49,999.990.10%$50,000 to $99,999.990.15%$100,000 to $249,9990.25%$250,000 +0.50%
TD Relationship savings rates
TD Bank makes it pretty easy to qualify for a “relationship rate,” or a higher rate as a reward for having another TD Bank product.
You’ll earn the following relationship rates when you link your TD Signature Savings to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan:
BalanceRelationship APY$0.01 to $9,999.990.01%$10,000 to $24,999.990.50%$25,000 to $49,999.990.75%$50,000 to $99,999.991.00%$100,000 to $249,9991.50%$250,000 +2.00%
You need a relatively high balance to earn a good interest rate with TD Bank. If you’re open to banking online, though, then you can find online banks that pay higher rates with no minimum balance requirements.
TD Simple Savings rates
The TD Simple Savings Account pays 0.05% APY Annual Percentage Yield (APY) on all balances.
Your decision between the two savings accounts could come down to how much money you plan to keep in the account. You’ll earn a higher rate with TD Simple Savings if you a) keep under $10,000 in savings, and b) don’t qualify for relationship rates. However, the difference is minimal.
TD Bank savings rates vs. Bank of America savings rates
Bank of America Advantage Savings pays 0.01% APY on most balances, but you can earn a little more if you qualify for Preferred Rewards. The Preferred Rewards tiers are as follows:
Gold: Earn 0.02% APY with a three-month average combined balance of $20,000 to $49,999.99 in all Bank of America bank accounts or Merrill investmentsPlatinum: Earn 0.03% APY with a three-month average combined balance of $50,000 to $99,999Platinum Honors: Earn 0.04% APY with a three-month average combined balance of $100,000 or more
Even Bank of America‘s Preferred Rewards rates are pretty low. If you plan to maintain a high balance, you may want to open a TD Signature Savings to earn more than Bank of America’s maximum rate.
TD Bank savings rates vs. Wells Fargo savings rates
Wells Fargo is another national bank with substantial branches on the East Coast. You’ll earn just 0.01% APY APY with the Wells Fargo Way2Save® Savings Account, and 0.25% to 1.01% APY with the Platinum Savings Account.
You’re better off opening a TD Simple Savings Account and earning 0.05% APY APY, or TD Signature Savings if you plan to maintain at least a $10,000 balance.